America’s Economic Depression of 1893
I found a political cartoon in one of my books that blames the Democrats for a depression — in 1893!
This prompted me to learn about the “Panic of 1893”.
I’ve posted the cartoon plus a link to an 1896 tract.
From the tract:
“…beginning with the late months of 1892, a tightening of the money market in every financial centre had taken place. This stringency was particularly emphasized when the Philadelphia and Reading Railroad Company again passed into the hands of receivers on February 20, 1893. As a direct result of this failure there immediately followed one of the most remarkable and exciting weeks in the history of Wall street. All previous records of stock transactions were broken. There was an enormous liquidation, resulting in a very great decline in values…
“There was never in this country such a summer of depression and prostration as that of 1893…”